VasilyPonomarev
Long

WHY SELL USDJPY??? Trading the rising channel

FX:USDJPY   U.S. Dollar / Japanese Yen

hey guys,

though many traders sell usdjpy following bearish breakout of a narrow trading range
where the pair was trading for more than one week,
I have the opposite view.
looking left we see that we have a lower support 111.7 level.



+ taking into consideration a rising channel ,
the market has respected its support line and still trading inside.

SELL USDJPY ONLY AFTER BEARISH BREAKOUT OF A CHANNEL.

for now sentiment is still bullish and the market has space to go higher,
no need to rush and follow talking heads,
be patient and wait for a confirmation!

same logic with buying:
yes looking left we are standing on significant structure resistance .
so let the market break this resistance and then buy!
Comment: Trading inside the trading range
Comment: Bulls come into play
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